Support Centre

Japan: BoJ publishes paper on risk management for smartphone payment service providers

The Institute for Monetary and Economic Studies of the Bank of Japan ('BoJ') published, on 14 August 2020, a discussion paper on payment service providers for smartphones ('the Discussion Paper'). In particular, the author of the Discussion Paper, Takashi Hashimoto, highlighted that the Discussion Paper provides for principles and requirements surrounding cashless payments, while also noting an increased need of user privacy, authentication and security. Moreover, Hashimoto noted that cashless payments are a trust-based financial service and that risk management approaches could be implemented for performing essential tasks, including securing personal data of users, authentication of personal data, and Privacy by Design.

You can view the press release here, and access the Discussion Paper here, both only available in Japanese.